Company registration number: 00874331
Unaudited financial statements
for the year ended 31 January 2025
for
M G Property Uk Ltd.
Pages for filing with the Registrar
Company registration number: 00874331
M G Property Uk Ltd.
Balance sheet
as at 31 January 2025
2025 2024
Note £ £ £ £
Fixed assets
Tangible assets 4 - -
Investment property 5 2,800,000 2,800,000
2,800,000 2,800,000
Current assets
Debtors 76,722 74,739
Cash at bank and in hand 301,839 404,785
378,561 479,524
Creditors: amounts falling due within one
year 		(131,899) (172,430)
Net current assets 246,662 307,094
Total assets less current liabilities 3,046,662 3,107,094
Creditors: Amounts falling due after more
than one year 		6 (418,938) (491,169)
Provisions for liabilities (445,408) (445,408)
NET ASSETS 2,182,316 2,170,517
Capital and reserves
Called up share capital 14,259 14,259
Share premium account 4,423 4,423
Revaluation reserve 1,894,826 1,894,826
Profit and loss account 268,808 257,009
TOTAL EQUITY 2,182,316 2,170,517
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 January 2025.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 00874331
M G Property Uk Ltd.
Balance sheet - continued
as at 31 January 2025
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 29 October 2025 and signed on its behalf by:
Mrs S Coleman, Director
29 October 2025
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M G Property Uk Ltd.
Notes to the financial statements
for the year ended 31 January 2025
1 Company information
M G Property Uk Ltd. is a private company registered in England and Wales. Its registered number is 00874331. The company is limited by shares. Its registered office is C/O Metis Tax Limited, Castlemead, Bristol, Avon, BS1 3AG.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Fixtures & fittings - 33% straight line
Motor vehicles - 25% straight line
Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
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M G Property Uk Ltd.
Notes to the financial statements - continued
for the year ended 31 January 2025
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3 Average number of employees
During the year the average number of employees was 1 (2024 - 1).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 February 2024 48,928
At 31 January 2025 48,928
Depreciation
At 1 February 2024 48,928
At 31 January 2025 48,928
Net book value
At 31 January 2025 -
At 31 January 2024 -
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M G Property Uk Ltd.
Notes to the financial statements - continued
for the year ended 31 January 2025
5 Investment property
£
Valuation
At 1 February 2024 2,800,000
At 31 January 2025 2,800,000
6 Creditors: amounts falling due after more than five years
2025 2024
£ £
Repayable by instalments
Bank loans 32,138 57,265
7 Advances, credit and guarantees granted to directors
The following advances and credits to directors subsisted during the years ended 31 January 2025 and 31 January 2024.
2025 2024
£ £
Sophia Coleman
Balance outstanding at start of year - 500
Amounts repaid - (500)
Balance outstanding at end of year - -
2025 2024
£ £
Matthew Coleman
Balance outstanding at start of year 6,000 6,000
Amounts advanced 6,000 6,000
Amounts repaid (6,000) (6,000)
Balance outstanding at end of year 6,000 6,000
2025 2024
£ £
Georgia Coleman
Balance outstanding at start of year 12,000 -
Amounts advanced 6,675 12,000
Balance outstanding at end of year 18,675 12,000
8 Related party transactions
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M G Property Uk Ltd.
Notes to the financial statements - continued
for the year ended 31 January 2025
8 Related party transactions - continued
The company was loaned monies in the year from Magdalen and Cross Ltd. Mrs S Coleman, a director and shareholder of the company is a director and 50% shareholder of Magdalen and Cross Ltd. The balance of the loan at 31 January 2025 was £166,728 (2024 - £171,175). Interest was payable on the loan at 5% per annum, but from 01 January 2024 the loan is interest free. The accrued interest at 31 January 2025 was £155,684 (2024 - £155,684).
9 Prior year adjustment
In the year ended 31 January 2024 the company revalued its investment property to £2.8m. The net unrealised gain, after accounting for deferred tax on the revaluation, of £553,640 was accounted for through the profit and loss account as required by FRS 102A. A £553,640 transfer of the unrealised gain from profit and loss reserves to the unrealised revaluation reserve was not made in last year's accounts. A prior year adjustments has been undertaken in these accounts to correctly restate the realised profit and loss account reserves of the company at 31 January 2024. The profit and loss account reserve at 31 January 2024 was stated in the previous year's accounts as £810,649, but has now been restated as £257,009. The revaluation reserve at 31 January 2024 was stated in the previous year's accounts as £1,341,186, but has now been restated as £1,894,826.
10 Controlling party
The company's parent company is Icehouse Trading Company Limited, a company incorporated in England & Wales.

The utimate controlling party of the company is Mrs S Coleman by virtue of her shareholding in Icehouse Trading Company Limited.
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